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State Bank of India’s (SBI’s) executive committee of the central board has given the final approval for divestment of 80 million shares in SBI Life through an initial public offering (IPO), at a meeting on Monday. The shares being offered for sale by the country’s biggest lender will be available at a price that would be fixed and determined by SBI Life, SBI, and BNP Paribas Cardiff, in consultation with the book-running lead managers, the lender said in a statement to the BSE. Last week, SBI Life had submitted its draft papers to the Insurance Regulatory and Development Authority of India (Irdai) for listing, which has been approved in principle by the regulator. It is still awaiting final approval from the Securities and Exchange Board of India, the Reserve Bank of India and the Government of India. SBI Life will become the country’s second private insurer to go for an IPO after ICICI Prudential Life Insurance, which was valued at Rs 48,000 crore and sold shares worth...

ICICI Prudential Life Insurance has shown interest in taking over Sahara Life Insurance, which was asked to close down its business by the Insurance Regulatory and Development Authority of India (Irdai) last month. In an announcement to the BSE on Tuesday, ICICI Prudential Life said, “We have expressed our interest to evaluate taking over policyholders' liabilities and assets of Sahara Life.” It said the last reported policyholders' liabilities of Sahara Life was about Rs 900 crore, less than 1 per cent of ICICI Prudential Life's balance sheet. “We are evaluating the way forward,” ICICI Prudential Life said in its statement. The regulator had expressed its concerns over Sahara Life running its business in a manner which was likely to be “prejudicial to the interests of the holders of the life insurance”. Owing to irregularities in financial statements, the regulator had appointed one of its general managers as administrator to manage the affairs of Sahara Life on ...